US BANCORP \DE\ — Director's Dealing 2003

Oct 30, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2003-10-28

Reporting Person: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-28	Common Stock, $0.01 par value	M	3000	$18.9167	Acquired	18202.64	Direct
2003-10-28	Common Stock, $0.01 par value	S	3000	$26.89	Disposed	15202.64	Direct
2003-10-28	Common Stock, $0.01 par value	M	3000	$18.9167	Acquired	18202.64	Direct
2003-10-28	Common Stock, $0.01 par value	S	3000	$27.10	Disposed	15202.64	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-28	Employee Stock Option (Right to Buy)	$18.9167	M	3000	Disposed	2007-12-07	Common Stock (7000)	Direct
2003-10-28	Employee Stock Option (Right to Buy)	$18.9167	M	3000	Disposed	2007-12-07	Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1202.18	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Compensation Plan Participation	$		Common Stock (2908.28)	2908.28	Direct
Employee Stock Option (Right to Buy)	$21.64	2012-12-17	Common Stock (33000)	33000	Direct
Employee Stock Option (Right to Buy)	$23.85	2012-06-18	Common Stock (100000)	100000	Direct
Employee Stock Option (Right to Buy)	$19.23	2011-12-18	Common Stock (55000)	55000	Direct
Employee Stock Option (Right to Buy)	$21.6875	2010-12-12	Common Stock (50000)	50000	Direct
Employee Stock Option (Right to Buy)	$21.375	2009-12-14	Common Stock (25000)	25000	Direct
Employee Stock Option (Right to Buy)	$23.7917	2008-11-20	Common Stock (21000)	21000	Direct

Footnotes

F1: Includes shares acquired in April, July and October pursuant to the U.S. Bancorp Dividend Reinvestment Plan in transactions exempt under Rule 16a-11.

F2: Based on a plan report dated 9/30/03, the most recent plan report available.

F3: Deferred Compensation Plan Participation converts into common stock on a one-for-one basis.

F4: Deferred Compensation Plan Participation is payable in common stock following termination of the reporting person's employment with U.S. Bancorp, or age 55, whichever is later.

F5: Includes additional amounts acquired in April, July and October pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.

F6: The option vested in four equal annual installments beginning on December 9, 1998.

F7: The option vests 100% on December 17, 2007, or 25% on December 17th of each of 2003, 2004, 2005 and 2006 if certain performance criteria are met in those years.

F8: The option vests in four equal annual installments beginning on June 18, 2003.

F9: The option vests in four equal annual installments beginning on December 18, 2002.

F10: The option vests in four equal annual installments beginning on December 12, 2001.

F11: The option vests in four equal annual installments beginning on December 14, 2000.

F12: The option vested in four equal annual installments beginning on November 20, 1999.